Former president of China Merchants Bank indicted

BEIJING, Feb. 28 (Xinhua) -- Tian Huiyu, former president of China Merchants Bank, has been indicted for suspected bribery, power abuse, trade on undisclosed information, insider trading and disclosing inside information, the Supreme People's Procuratorate (SPP) said Tuesday.

Upon the designation of the SPP, the prosecution was brought by a procuratorate in the city of Changde, Hunan Province, following the conclusion of investigations into Tian's cases by the National Commission of Supervision and the police department of Changde.

According to the indictment, Tian, also former Party chief of the bank, had taken advantage of his posts at various financial institutions to seek benefits for companies and individuals in loan approval, business contracting, job adjustment and other areas.

In return, he accepted an "especially huge amount" of money and gifts, said the SPP statement.

Tian was also accused of disclosing inside information that has a crucial impact on the trading price of securities, purchasing securities based on the information, and instigating others to do so either directly or indirectly, the SPP added.

Prosecutors had informed the defendant of his litigation rights, interrogated him and listened to the lawyers' opinions, according to the statement.